Nigeria’s path to prosperity hinges on its ability to transition from a consumption-driven to a production-based economy, the Nigerian Economic Summit Group (NESG) has stressed.
The group, in a statement issued today to highlight the lined-up activities of its 31st Nigerian Economic Summit (NES #31) scheduled to hold in October this year, noted that despite Nigeria’s large population and abundant natural resources, the country had been struggling with de-industrialisation, overdependence on imports, and limited value addition in key sectors.
It maintains that industrialisation is not just about factories—it is about creating a national ecosystem of productivity, where skilled labour, reliable infrastructure, access to finance, and supportive policies work together to generate wealth and economic opportunities for millions.
According to the think-tank organization, industrialisation offers a strategic solution to these challenges by unlocking the country’s manufacturing potential, enhancing productivity, and strengthening linkages across agriculture, extractives, and services.
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To achieve this laudable goal, the NESG harped on the need for collaboration between the public and the organized private sector (OPS), adding the up-coming summit will avail all stakeholders to work on how best to position Nigeria on the path of sustainable industrial growth in the years ahead.
It stated: “The journey to industrialisation requires more than rhetoric—it demands intentional collaboration across the public and private sectors. NES #31 presents a unique opportunity for stakeholders to forge partnerships, commit to reform implementation, and co-create a future where Nigeria becomes the industrial powerhouse of West Africa.
“As Nigeria gears up for the 31st Nigerian Economic Summit (NES #31), the spotlight turns to a critical lever for economic transformation: Driving Industrialisation-led Growth. This sub-theme, central to this year’s discourse, reinforces the urgent need to revitalise Nigeria’s industrial base as a pathway to sustainable development, job creation, export competitiveness, and inclusive prosperity”, the group added.
According to the NESG, through this sub-theme, NES #31 will convene industry leaders, policymakers, financiers, development partners, and entrepreneurs to examine how Nigeria can build globally competitive industries anchored in innovation, local content development, and enabling infrastructure.
In addition, the group stated that discussions at the event would also explore how industrial policy can be better aligned with market realities, technological trends, and Nigeria’s demographic advantage as a strategic step towards positioning Nigeria on the leading edge of global industrial competition.
